Altcoins are alternative cryptocurrencies to Bitcoin. There are literally hundreds of other cryptocurrencies other than Bitcoin, and they are all classified as Altcoins. That being said, not all Altcoins are the same. Some may be very similar to each other in regards of purpose, value, or technology they are derived from, but each one is uniquely their own. Altcoins hold a variety of values ranging from less than 1 cent to hundreds of dollars, and like Bitcoin, they are subject to large and volatile price movements. Many of the Altcoins available are no good at all, and should not be used as a store of value or for investment purposes. However, some Altcoins are very stable and are gaining value, making them viable cryptocurrencies to use and invest in. More and more online businesses such as online trading brokerages, and gaming and betting sites are accepting various Altcoins as a viable method of payment for depositing funds into their online trading/betting accounts.show more
Altcoins present a variety of benefits to traders who use them for depositing funds into their account. See some of these benefits outlined below.
Transparent Payment System – Since Altcoins are like Bitcoin, every transaction is traceable and transparent via the blockchain ledger. Altcoins can be transferred without the need for an exchange, banks, or any other intermediaries. Therefore, there are very low transaction costs and fees implemented for deposits. As well, traders are not required to register or scan any documents, the whole process can be done with a few clicks.
Security – Depositing with Altcoins can be a very secure method of transfer. Altcoins are generated on an open sourced cryptographic protocol which makes hacking them next to impossible. However, traders must ensure they store their Altcoins on reputable and secure wallets. The most secure wallets to hold your Altcoins are hardware wallets.
Fast Deposits – The whole process of depositing Altcoins into your trading account is done entirely online. The Altcoin is sent directly to the brokerages account where it can be exchanged for fiat currency at the current rate. This process is completed almost instantaneously, meaning a trader can begin trading within minutes of depositing. Although, as there are various types of Altcoins out there, some are faster than others because they use different variations of the blockchain technology.
Global Acceptance – Nearly everybody can acquire Altcoins, which is why it is truly a worldwide method of payment. There are no restrictions as to where you are for acquiring and depositing Altcoins into your online trading account.
Low Fees – Altcoins generally have considerably lower fees than many other forms of payments. It only costs a few cents to send money across the world in an instant.
While there are many different Altcoins available, they all follow a general method for depositing funds into an online trading account. For brokers who accept this method of payment, the steps for deposits are basically the same. See the steps for depositing funds with Altcoins below.
Alternatively, you can simply scan their QR code with your smart phone using your wallet QR code scanner. Then, you simply type in how much Altcoin you would like to send, confirm and you’re done.